Arxis’ (NASDAQ:ARXS – Get Free Report) lock-up period will expire on Tuesday, October 13th. Arxis had issued 40,500,000 shares in its IPO on April 16th. The total size of the offering was $1,134,000,000 based on an initial share price of $28.00. After the end of Arxis’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.
Wall Street Analyst Weigh In
ARXS has been the subject of a number of analyst reports. Royal Bank Of Canada raised Arxis from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $50.00 to $60.00 in a research report on Friday, October 2nd. Weiss Ratings raised Arxis from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday. Jefferies Financial Group reissued a “buy” rating and issued a $60.00 target price on shares of Arxis in a research note on Sunday, August 2nd. Citigroup raised their price target on Arxis from $61.00 to $67.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $62.00 price target on shares of Arxis in a research report on Monday, August 3rd. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.64.
Read Our Latest Stock Analysis on Arxis
Arxis Stock Performance
Arxis (NASDAQ:ARXS – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.35. The firm had revenue of $500.73 million for the quarter. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. As a group, sell-side analysts predict that Arxis will post 0.57 EPS for the current fiscal year.
Institutional Trading of Arxis
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARXS. Squarepoint Ops LLC bought a new position in Arxis in the second quarter worth approximately $19,506,000. Alyeska Investment Group L.P. purchased a new stake in shares of Arxis in the 2nd quarter worth $13,842,000. State Street Corp purchased a new stake in shares of Arxis in the 2nd quarter worth $9,948,000. BlueCrest Capital Management Ltd bought a new position in Arxis in the 2nd quarter worth $7,389,000. Finally, Grandeur Peak Global Advisors LLC bought a new position in Arxis in the 2nd quarter worth $2,740,000.
Arxis Company Profile
We are a leading designer and manufacturer of proprietary, mission-critical electronic and mechanical components engineered for cutting-edge performance in extreme environments. Leveraging significant intellectual property (“IP”) and world-class engineering capabilities, we design and deliver innovative solutions that address some of our customers’ most complex performance needs. Arxis is the result of a deliberate and disciplined strategy executed by our sponsor, Arcline, and the Arxis management team to create a purpose-built, cohesive business through targeted acquisitions with similar product and end market characteristics.
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